Large Cars - Belgium

Belgium

Revenue in the Large Cars market is projected to reach US$3,136m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.88%, resulting in a projected market volume of US$3,277m by 2029.
Large Cars market unit sales are expected to reach 78,510.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$42k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,200m in 2024).

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in Belgium has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles due to their spaciousness and comfort.

Additionally, there are several trends in the market that have contributed to this growth. The local special circumstances in Belgium have also played a role in the development of the Large Cars market. Lastly, underlying macroeconomic factors have had an impact on the market as well.

Customer preferences in Belgium have shifted towards larger cars in recent years. This can be attributed to the desire for more spacious and comfortable vehicles. Large cars provide ample room for passengers and cargo, making them ideal for families or individuals who value comfort and convenience.

Additionally, the perception of large cars as a status symbol has also contributed to their popularity among consumers in Belgium. There are several trends in the market that have further fueled the growth of the Large Cars segment in Belgium. One of these trends is the increasing popularity of SUVs.

SUVs offer the spaciousness and comfort of large cars, while also providing a higher driving position and better off-road capabilities. This combination of features has made SUVs particularly appealing to consumers in Belgium. Another trend in the market is the growing demand for electric and hybrid large cars.

As environmental concerns become more prominent, many consumers are opting for vehicles that are more fuel-efficient and emit less pollution. Electric and hybrid large cars offer a greener alternative to traditional gasoline-powered vehicles, making them an attractive choice for environmentally-conscious consumers in Belgium. The local special circumstances in Belgium have also contributed to the growth of the Large Cars market.

Belgium has a well-developed road infrastructure, which makes large cars more practical and convenient to drive. Additionally, the country's relatively high income levels and strong economy have allowed consumers to afford larger and more expensive vehicles. Underlying macroeconomic factors have also played a role in the development of the Large Cars market in Belgium.

The country has experienced stable economic growth in recent years, which has increased consumer confidence and purchasing power. This has allowed more consumers to afford large cars and contributed to the overall growth of the market. In conclusion, the Large Cars market in Belgium has experienced significant growth due to shifting customer preferences, various market trends, local special circumstances, and underlying macroeconomic factors.

The desire for spacious and comfortable vehicles, the popularity of SUVs, the demand for electric and hybrid cars, the well-developed road infrastructure, and the stable economy have all contributed to the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).